Jay Martin Chapler, of New York, New York, a stockbroker formerly registered with Silver Leaf Partners, LLC, has been fined $22,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Chapler, inter alia, took part in outside business activities that were not disclosed to his firm and furnished compensation to an unregistered institution. Letter of Acceptance, Waiver and Consent, No. 2014042606901 (Apr. 19, 2017).
According to the AWC, there were two activities Chapler engaged in outside the auspices of Silver Leaf Partners that had not been disclosed to the firm by him. Particularly, both of the businesses compensated Chapler and were expected by Chapler to keep paying him in 2012. Yet, Chaplin claimed on his firm’s annual compliance questionnaire that his outside business activities were not applicable. FINRA found that Chapler’s failure to apprise his firm regarding his activities was conduct violative of FINRA Rules 2010 and 3270.
The AWC also revealed that Chapler made arrangements with an offshore entity not affiliated with Silver Leaf, where he acquiesced to paying the entity compensation that Silver Leaf paid to Chapler. Particularly, from 2012 to 2013, $78,145.23 in compensation was paid by Chapler to the entities. Chapler also reportedly told a Silver Leaf customer to wire $121,583.00 to the entity directly. Chapler’s conduct was found by FINRA to have constituted violations of FINRA Rule 2010 and NASD Rule 2420. His registration with Silver Leaf Partners, LLC, was terminated on August 19, 2016.
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